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AI核心结论
ADI delivered exceptional Q2 FY2026 results with revenue surging 37.2% YoY to $3.62B and net income more than doubling to $1.18B, driven by strong demand recovery and significant margin expansion across all profitability metrics.
营业收入
$3.62B
同比 ++37.25%
每股收益（基本）
$2.41
同比 ++109.57%
毛利率
67.3%
同比 ++6.29%
营业利润
$1.38B
同比 ++103.51%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Analog Devices (ADI) Q2 FY2026 营收 $3.62B，同比增长 37.2%。 净利润 $1.18B，同比增长 106.5%，稀释每股收益 $2.40。 毛利率 67.3%。
ADI reported Q2 FY2026 revenue of $3.62B, up sharply from $2.64B in Q2 FY2025, reflecting a robust demand recovery across its end markets. This represents one of the strongest quarterly growth rates the company has seen in recent periods.
来源: Source: 10-Q Income Statement
Gross margin improved by approximately 630 basis points YoY to 67.3% from 61.0%, indicating improved operating leverage and a more favorable product mix. Cost of revenue grew only 15.1% versus revenue growth of 37.2%, demonstrating strong incremental margins.
来源: Source: 10-Q Income Statement
Operating income reached $1.38B in Q2 FY2026, up 103.5% from $678M in Q2 FY2025. Operating margin expanded dramatically to 38.1% from 25.7%, reflecting the high fixed-cost leverage inherent in ADI's semiconductor business model.
来源: Source: 10-Q Income Statement
Year-to-date share buybacks totaled $1.29B, a 215.2% increase compared to $409M in the same period of the prior fiscal year, reflecting management's confidence in the business outlook and commitment to returning capital to shareholders.
来源: Source: 10-Q Cash Flow Statement
Fiscal year-to-date operating cash flow reached $2.24B, up 15.1% from $1.95B in the prior year period, underscoring ADI's ability to convert earnings into cash even as the business scales rapidly.
来源: Source: 10-Q Cash Flow Statement
Current liabilities grew 65.6% YoY to $4.46B while current assets grew only 39.7% to $7.81B. Although the current ratio remains healthy at 1.75, the faster growth in current liabilities warrants monitoring as it could compress near-term liquidity if revenue growth decelerates.
来源: Source: 10-Q Balance Sheet
Long-term debt rose 8.8% YoY to $7.24B while stockholders' equity declined 3.6% to $33.74B. The combination of rising debt and shrinking equity increases financial leverage, which could become a concern if interest rates remain elevated or business conditions deteriorate.
来源: Source: 10-Q Balance Sheet
ADI's revenue grew 37.2% YoY, suggesting the company is in a strong upcycle following a prior period of weakness. Semiconductor demand is historically cyclical, and the current elevated revenue base may be difficult to sustain if inventory normalization or macroeconomic softness returns.
来源: Source: 10-Q Income Statement
R&D expenses grew 15.3% YoY to $509M and SG&A grew 19.9% to $363M, both outpacing prior-year levels. While currently well-managed relative to revenue growth, sustained cost inflation in these areas could pressure margins if revenue growth moderates.
来源: Source: 10-Q Income Statement
Year-to-date investing cash flow turned negative at -$159M compared to a positive $134M in the prior year period, a swing of over $293M. This shift may reflect increased capital expenditures or acquisitions, which could reduce free cash flow available for dividends and buybacks if sustained.
来源: Source: 10-Q Cash Flow Statement
Q2 FY2026 实际 EPS $3.09，分析师一致预期 $2.93，超预期 +5.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.62B | $2.64B | +37.25% |
营业成本 | $1.18B | $1.03B | +15.09% |
毛利润 | $2.44B | $1.61B | +51.39% |
营业利润 | $1.38B | $677.94M | +103.51% |
净利润 | $1.18B | $569.77M | +106.46% |
每股收益（基本） | $2.41 | $1.15 | +109.57% |
每股收益（稀释） | $2.40 | $1.14 | +110.53% |
研发费用 | $509.32M | $441.84M | +15.27% |
销售及管理费用 | $362.81M | $302.67M | +19.87% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $47.95B | $47.34B | +1.28% |
流动资产 | $7.81B | $5.59B | +39.75% |
流动负债 | $4.46B | $2.69B | +65.64% |
股东权益 | $33.74B | $35.01B | -3.62% |
现金及等价物 | $2.44B | $2.38B | +2.55% |
长期债务 | $7.24B | $6.65B | +8.83% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $2.24B | $1.95B | +15.12% |
投资活动现金流YTD | $-158.96M | $133.89M | -218.72% |
筹资活动现金流YTD | $-2.14B | $-1.7B | -26.47% |
股票回购YTD | $1.29B | $409.01M | +215.25% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 67.3% | 61.0% | +6.29% |
营业利润率 | 38.1% | 25.7% | +12.40% |
净利率 | 32.5% | — | — |
净资产收益率 | 3.5% | — | — |
总资产收益率 | 2.5% | — | — |
流动比率 | $1.752 | — | — |
ADI delivered outstanding Q2 FY2026 results with revenue of $3.62B (+37.2% YoY) and net income of $1.18B (+106.5% YoY). Diluted EPS came in at $2.40, more than double the $1.14 reported in Q2 FY2025, driven by strong demand recovery and significant margin expansion.
ADI's 37.2% YoY revenue increase to $3.62B reflects a broad-based cyclical recovery in semiconductor demand following a prior period of inventory correction. The company also benefited from strong operating leverage, with gross margin expanding to 67.3% from 61.0% a year ago.
ADI's financial health appears solid, with a current ratio of 1.75, $2.44B in cash and equivalents, and long-term debt of $7.24B against stockholders' equity of $33.74B (debt-to-equity of ~0.21). Year-to-date operating cash flow of $2.24B further supports the company's ability to fund operations, dividends, and buybacks.
Yes, ADI significantly accelerated its share repurchase program, with fiscal year-to-date buybacks totaling $1.29B — a 215.2% increase compared to $409M in the same period of the prior fiscal year. This aggressive buyback activity contributed to the 110.5% increase in diluted EPS.
Key risks include the cyclical nature of semiconductor demand, which could reverse the current strong revenue recovery; rising current liabilities (up 65.6% YoY) that are tightening the liquidity cushion; and increasing long-term debt of $7.24B alongside declining stockholders' equity. Investors should also monitor whether the sharp revenue recovery is sustainable or reflects temporary restocking demand.